Property sales in the Manawatu and Wanganui region at 279 in the month rose significantly on a seasonally adjusted basis in May and were up 20% as compared to a year ago. The inventory of unsold houses on the market fell to 50 weeks to remain above the long-term average of 40 weeks of equivalent sales.

Median sales price of properties sold in the Manawatu and Wanganui regions at $230,000 was up 2% as compared to a year ago and up from the prior month. The asking price expectation of new listings was down 6% as compared to a year ago at $248,755.

The level of new listings coming onto the market in May at 388 was down from prior month and down 11% as compared to a year ago.